Under the terms of the Agreement, Stillwater will exchange 0.08136 shares of Stillwater common stock and US$1.35 in cash for each common share of Peregrine. Based on the closing share price of Stillwater common stock as of July 8, 2011, which was US$23.72, the Agreement places a value on Peregrine common shares of US$3.28.
That put the July 8, 2011 price at $1.93 + $1.35 = $3.28
With SWC's close today at $0.938 + $1.35 = $2.288
Nearly a dollar a share lower. It lloks like they wanted to value the shares a dollar lower.